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Partners' Capital of the Operating Partnership
3 Months Ended
Mar. 31, 2012
Partners' Capital Notes [Abstract]  
Preferred and Common Units of the Operating Partnership
Preferred and Common Units in the Operating Partnership's Consolidated Financial Statements
Issuance of 6.875% Series G Cumulative Redeemable Preferred Units
In March 2012, the Company issued 4,000,000 shares of its 6.875% Series G Cumulative Redeemable Preferred Stock ("Series G Preferred Stock") as discussed in Note 7. The net proceeds of approximately $96.2 million were contributed by the Company to the Operating Partnership in exchange for 4,000,000 Series G Preferred Units. The Company is the sole holder of the Series G Preferred Units. The terms of the Series G Preferred Units are substantially similar to the terms of the Series G Preferred Stock discussed in Note 7. Distributions on the Series G Preferred Units are paid to the Company.
Redemption of 7.80% Series E and 7.50% Series F Cumulative Redeemable Preferred Units
On March 15, 2012, the Company announced the redemption of all 1,610,000 outstanding shares of its Series E Preferred Stock and all 3,450,000 outstanding shares of its Series F Preferred Stock, on April 16, 2012 (the "Redemption Date") as discussed in Note 7. For each share of Series E and Series F Preferred Stock outstanding, the Company has an equivalent number of 7.80% Series E Cumulative Redeemable Preferred Units ("Series E Preferred Units") and 7.50% Series F Cumulative Redeemable Preferred Units ("Series F Preferred Units") outstanding with substantially similar terms as the Series E and Series F Preferred Stock. As a result, in connection with the redemption of the Series E and Series F Preferred Stock, the Series E and Series F Preferred Units held by the Company were redeemed by the Operating Partnership on substantially similar terms as the Preferred Stock Called for Redemption, as discussed in Note 7. As such, the presentation and financial impact of the redemption of the Series E and Series F Preferred Units as of March 31, 2012 is the same as discussed for the redemption of the Series E and Series F Preferred Stock in Note 7.
Issuance of Common Units
In February 2012, the Company completed an underwritten public offering of 9,487,500 shares of its common stock as discussed in Note 8. The net offering proceeds of approximately $382.1 million were contributed by the Company to the Operating Partnership in exchange for 9,487,500 common units.
Common Units Outstanding
The Company owned 68,349,843, 58,819,717, and 52,419,393 common units representing a 97.5%, 97.2%, and 96.8% common general partnership interest in the Operating Partnership as of March 31, 2012, December 31, 2011, and March 31, 2011, respectively. The remaining 2.5%, 2.8%, and 3.2% common limited partnership interest as of March 31, 2012, December 31, 2011, and March 31, 2011, respectively, was owned by non-affiliate investors and certain of our executive officers and directors in the form of noncontrolling common units. There were 1,718,131, 1,718,131, and 1,723,131 common units outstanding held by these investors, officers and directors as of March 31, 2012, December 31, 2011, and March 31, 2011, respectively. For a further discussion of the noncontrolling common units as of March 31, 2012 and December 31, 2011, refer to Note 6.